EUR/USD stays under pressure near 1.10, focus on US data

EUR/USD trades in the lower end of the range near 1.10.
DXY clings to its daily gains around 98.30.
US Consumer Confidence, housing sector data next on the docket.

Pablo Piovano FXStreet

EUR/USD is struggling for direction during the first half of the week, although the 1.10 neighbourhood still emerges as a decent support.

EUR/USD looks to USD-dynamics, trade

The pair is alternating gains with losses after four consecutive daily pullbacks on Tuesday. Despite sellers keep the upper hand, a sustainable move below the psychological support at 1.10 the figure still remains elusive.

In the meantime, no relevant developments from the US-China trade front leave the bulk of the attention to the dynamics around the greenback as the main driver of the price action in spot.

In the meantime, the outlook on the shared currency is expected to remain fragile in the near term, particularly against the backdrop of poor results from the bloc and the dovish stance from the ECB, confirmed after the latest speech by C.Lagarde.

Later in the NA session, the Conference Board’s Consumer Confidence gauge will be the salient event seconded by New Home Sales, home prices tracked by the S&P/Case-Shiller Index and advanced Trade Balance results.

What to look for around EUR

Spot has been rejected from the vicinity of the 1.1100 barrier once again last week, sparking the subsequent knee-jerk to the vicinity of the critical support at the 1.10 handle. As always, EUR is expected to keep tracking trade headlines and USD-dynamics for the time being. On the more macro view, the slowdown in the region appears far from abated despite some positive results from key fundamentals in Germany. This does nothing but justify the ‘looser for longer’ monetary stance by the ECB and the cautious/bearish view on the European currency in the medium term.

EUR/USD levels to watch

At the moment, the pair is gaining 0.06% at 1.1019 and faces the next hurdle at 1.1097 (monthly high Nov.21) followed by 1.1169 (200-day SMA) and finally 1.1179 (monthly high Oct.21). On the downside, a break below 1.0989 (monthly low Nov.14) would target 1.0925 (low Sep.3) en route to 1.0879 (2019 low Oct.1).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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